Accounting Services, Vancouver
February 3, 2022

Update For Home Office Expenses

 

Update For Home Office Expenses

Here’s the breakdown.

Basically, if you worked from home this last year due to Covid-19, you may be eligible to claim home office expenses. Good news: the flat rate method is UP this year- meaning you can now claim up to $500 (up from $400). 

This is an important expense to discuss with your accountant come tax time, and we can help you determine if you are eligible to claim, how much, and how it will impact your return. 

Here are the details from CRA:

Changes to the Temporary Flat Rate Method:

The temporary flat rate method simplifies your claim for home office expenses. You are eligible to use this method if you worked more than 50% of the time from home for a period of at least four consecutive weeks in the year (2020, 2021, or 2022) due to the COVID-19 pandemic. You can claim $2 for each day you worked from home during that period plus any additional days you worked at home in the year due to the COVID-19 pandemic. The maximum you can claim using the temporary flat rate method is up to $400 (200 working days) per individual in 2020 and up to $500 (250 working days) per individual in 2021 and in 2022.

Source: CRA Website

 

 

Crystal Cahill

Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.

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